Art. 1 Amendments to Directive 2009/65/EC | DORA directive | DORA

This article amends Directive 2009/65/EC (the UCITS Directive) to bring its organisational requirements for management companies into alignment with DORA (Regulation (EU) 2022/2554).

It updates the existing requirement for sound administrative and electronic data processing arrangements by explicitly requiring that network and information systems be set up and managed in accordance with DORA.

It also narrows the Commission's delegated act-making powers, carving out network and information systems from the scope of measures the Commission can specify, since those are now governed directly by DORA.

Important points:

Management companies must ensure their network and information systems are set up and managed in accordance with DORA.
The Commission retains the power to adopt delegated acts on administrative procedures and conflict of interest arrangements, but network and information systems are explicitly excluded from that scope.
This article directly connects Directive 2009/65/EC to DORA, making DORA the governing framework for ICT-related requirements for UCITS management companies.

Article 12 of Directive 2009/65/EC is amended as follows:

in the second subparagraph of paragraph 1, point (a) is replaced by the following:
‘has sound administrative and accounting procedures, control and safeguard arrangements for electronic data processing, including with regard to network and information systems that are set up and managed in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council(¹⁵), as well as adequate internal control mechanisms, including, in particular, rules for personal transactions by its employees or for the holding or management of investments in financial instruments in order to invest on its own account and ensuring, at least, that each transaction involving the UCITS may be reconstructed according to its origin, the parties to it, its nature, and the time and place at which it was effected and that the assets of the UCITS managed by the management company are invested according to the fund rules or the instruments of incorporation and the legal provisions in force;
paragraph 3 is replaced by the following:
Without prejudice to Article 116, the Commission shall adopt, by means of delegated acts in accordance with Article 112a, measures specifying:
the procedures and arrangements referred to in point (a) of the second subparagraph of paragraph 1, other than the procedures and arrangements concerning network and information systems;
the structures and organisational requirements to minimise conflicts of interests referred to in point (b) of the second subparagraph of paragraph 1.’.